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FOX Business After the Bell

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New York 10, Manhattan 9, Chris Christie 8, Us 8, Atlantic City 7, Christie 6, Sandy 6, Bob 6, Fema 5, S&p 5, New Jersey 5, Brooklyn 4, Apple 3, United States 3, Liz 3, Marina 3, Cialis 2, Hank 2, Todd 2, Medicare 2,
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  FOX Business    FOX Business After the Bell    News/Business. Stock  
   market updates. New.  

    October 31, 2012
    4:00 - 4:59pm EDT  

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it was at some point. >> right. two top executives out, particularly because of the massive problems they had. liz: well, they did it, the traders. david: congrats, congrats. give them a round of applause. [cheers and applause] guys and gals on the floor, good work. liz: they did it. see how stocks are finishing up. good movement. dow jones up then down then you could really almost call it flat after a day where we were up 81 points and down more than 20 points, and now looking to lose nine points, s&p eking out, but trades still settling. last trading day of the month, there's settlement changes, movement from the managers so right now, we're not exactly sure, but looks like the s&p pushes out again good. david: russell 2,000, unchanged, a pop one way or the other when the market starts trading again,
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not so. taking it very calmly. look at line lumber futures, a 19-month high because of rebuilding plans for sandy. liz: let's look at one of them, the timber etf cut some of the top holdings like warehouses, west frazier timber. looking at the names looking good, but when you see a 19-month high for lumber, just an incredible move. it's a thinly traded market, but big move nonetheless. david: other stocks rallying in anticipation of the rebuild, electric generators, and eagle rock, making insulation. those getting a little bump because of hurricane sandy. liz: shining star for ecomaterials, not a name familiar with many viewers. trading in full effect today after two days of being halted due to the hurricane. no flash crash, and markets
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fundamentally moving well. talking live to the ceo of the nasdaq omx group, world's largest exchange company about today's trading and the impact of the two day close sure. remember, nasdaq is an electronic market so why did they have to close? we'll get all answers from bob. david: a question people ponder, as the housing market gets better, better to rent or buy? results of a new study telling you the best states for renting and buying, first on fox business interview. liz: first, what drove the markets today, in the data doneload. deep breaths. okay. we got through it. it's a mixed day on wall street when all is said and done, markets resume, markets trading following the super storm sandy closing them for two days. s&p 500 only index to inch out gains. all three ended october lower with the nasdaq falling more than 4%, first october in four years where we've seen a loss
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here. technology and telecom leading month's declines. nasdaq jumping double digits this month, closing october up more than 11%. couple things here. prestorm, hints of colder weather, natural gas rose for the second month in a row. gold rose $7, at $1700 an ounce. today's boost was not enough to boost it in the green for the month. got posted a loss, first monthly loss since may. david: well the cme covered with sandy smith, and todd, great to you see both. sandy, we saw a sort of calm market, folks said it would be scattered jumped one way or the other, were wrong. same at the cme? >> yeah, the reaction to the opening --
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[inaudible] they were not happy with the lack of volume, lack of volatility in the markets hoping to see more of that. they hope as phone lines come on in new york, customers come back and things return to normal. for the most part, guys, things up today at the cme. there's a lot of commodity gains. dave, the lumber market, a good one, 19-month high, but oil and gasoline prices, both up as we saw refineries come back online. those concerns eased that -- pushed up oil prices, but not all refinery production returned keeping gas prices high. there's a reaction to sandy still in today's marketplace, and traders say they expect that to continue throughout the week so things look good here. seamless open, and traders wanting more with the jobs report on friday. liz: glad you brought that up, the jobs report. you know, largely ignored today was the chicago pmi, the producer managers index.
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this is an indicator of how you see industrials move or orders, ect., the purchasing manager guys out there, and it missed oh, so slightly, but enough that it was pretty much flat. the jobs number, how closely will traders watch that? there's question as to whether all areas and all of the data counted in considering the storm has prevented people from putting boots on the ground for some of this. >> yeah, and, liz, one other area where they will be looking for that to show up is when we get the energy report tomorrow. remember, the eia puts the weekly oil report and gasoline report out wednesdays typically. well, they delayed that report, and that's coming out tomorrow so a lot of traders will be looking forward to that because, remember, what happens in the energy market moves a lot of these other markets like the ag markets as well. that's going to be having a big impact. a lot of these economic reports that are coming out, including even the earnings report later on, but the near term economic reports should reflect what
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happened with this storm over the past few days. david: okay. todd, the markets did not panic thankfully at all. it was the opposite. there was still a little bit of fear in the morning. that showed up at the end of the day with the indexes. what are investors afraid of now, todd? >> well, you've got the jobs report coming out friday. you've got adp numbers tomorrow. you got the election in front. plus, the fact you got a market's that's already frothyy3 up here, and we're still going up with lack of volume and lack of volatility. the last couple days, volatility creeps back into the market here, but we're going up on the ben bernanke printing press, and the earnings less than exciting, i mean, just to say salaries, just very disappointing, and i expect that to continue. we're going to look for, you know, some levels to possibly get a little of correction here. liz: it will be a little more of a natural correction, but do the earnings numbers get any credit here? you know, 72% of the s&p500
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companies that reported were just trying to give you the numbers here, have beaten profit estimates so it's not the worst picture in the world, is it, todd? >> well, they beaten less than expect -- beaten downgraded earnings, you know, they are not exactly what i call seller. you beat a number you beaten down, beat a lesser number, to me, you know, a minor beat, but not exciting. we have to get back to exciting to reach above and start to beat numbers solidly and not beat numbers less than expected to begin with. david: todd, sandy, good to see you both. thanks very much. well, the nasdaq stock exchange reopening for trading today after superstorm sandy kept it dark for a couple days. liz: bob, how are you doing? >> good, yourself. liz: want to get that out of the way. good to see you again, liz. liz: we're well. i guess with the nasdaq, electronic trading, the question is did you really have to close down? >> well, the fact we were ready for monday is not material.
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the whole industry has to be ready. we work as a community. i think it was the proper decision to be taken. i think the key point is we clearly have to get that much better with respect to continue -- continuity planning. david: bob, we'll talk about this for awhile today, and it's true over the various indexes, but we had a terrific year. you guys up 20% from this time last year, and, yet, volume has been very low. a lot of retail inviers are still -- investors are still afraid of the market, from 2008, and, of course, facebook has a lot to do with it. it the facebook controversy over now? how else can you work to bring in the retail investors? >> well, i would say this, the market is wider than any one's thought. facebook was not a positive -- the facebook ipo was not a positive for the market, but the market is thousands of stocks, and it ties into broad consumer confidence numbers which have, you know, everything to do with the overall economic progress so to the extempt you see gdp enjoy
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a higher growth rate, there's confidence coming back, and there's an increased activity in the market place. david: did you figure out why facebook was poorly priced in the beginning? >> i have no comment on that. our role is not to do pricing in the ipos, and i think the important point is the markets will reflect economic progress over time to the extent the economy improves, and then you'll see improvements in the equity marketplace. liz: bob, what you said at the top of the interview, it's clear we have to improve on continuity planning. how so? what steps will you take? what changes will you make? >> well, i would say this. we spend a lot of time on this issue, and when you think about how this fits in historical per speck -- perspective, back in 1993, the first attack on the world trade center, the first time we had to get serious about it. we have to be able to operate regardless what happens, terrorist attack, hurricane,
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earthquake, tornado. when you look add what happened last week, we certainly saw that this storm was developing. it's important to get your people out of harm's way, those people that are necessary for you to erpt -- operate the market. we moved people out last wednesday and operated the market from any location. you also have to test. the industry ran a test saturday of that week. test with the industry at large, the software, the process in place. you want to have in place for that disaster. liz: okay. about testing, duncan, and i know you don't speak for him, nor he for you, and charlie said it was not them. a lot of the large financial institutions http://-- had not tested with the electronic systems. did they test with you and nasdaq omx? >> we tested with customers for many years, really since 1993, that's the standard operating procedure.
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just las saturday, the industry had a disaster backup test. we participated in that, with that test from our disaster backup styte which is down in virginia so we work with a community. i think the community very, in a large sense, can't speak for all, but the customers we talked to spent a lot of time and are serious that they are ready for it. david: we know there's going to be some event that may close the market. you can operate from anywhere. the next time something like this happens, that might, in the past, caused a close down, might you be able to open from some other location? >> well, we can do that today. we're doing it today. we have our people deployed in different parts in the area, and we have them deployed in philadelphia and washington, rockville, maryland actually. that's possible today. the important thing is the entire community has to be in
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that particular state, has to have that degree of readiness, and one of the key principles of continuity planning is to ensure what you're doing in a disaster is no different than what you do in the normal operational procedures. we have to test in that fashion. liz: bob, thawfng. -- thank you. it's a busy day. >> it was a good, normal, boring day. liz: boring is good. thank you, bob. the nasdaq ceo. well, images like these of lower manhattan, of course, disturbing for anybody, but especially if you own a lot of property in the area. we're talking coney island, grenich street, water front property. what's that do to the business, not to mention the property there? brooklyn, too, talking to the ceo of soar equities with all of that and some problems. david: the political story is still hot on wall street while many rush to adjust their port portfolio ahead of the election.
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one says don't touch a thing no matter who wins with more than $158 billion in assets under management, you may want to listen to what the guy has to say. liz: major insexes closing out october with losses more than 2% each for the month. what's ahead for the november? we've got a street fight straight ahead. stay tuned. ♪ [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the marke he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees.
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so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket scice. it's just common sense, from td ameritrade.
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liz: the book of october 2012 solidly in the books. straight to the street fight. a trusty io, and for the bears, allen lance and associates president. first crack, october didn't look good, now the election, what do you anticipate for november and stocks? >> well, i anticipate choppy trading until the time the lame duck congress extends all the tax cuts, expends sequestering to a new congress and white house in to 20* 13. at that point, the market will
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have a surge at the end of the year in celebration we're not hitting the fiscal cliff. david: if president obama's re-elected, he said he will not sign a tax bill that doesn't include a tax increase, and, of course, republicans say they won't sign on to something like that. we may not reach a resolution on this. >> oh, yes, david, no matter who is the president, no matter who the president is, it's a situation where there's a lot of urn certainty. -- uncertainty. it's not just the fiscal cliff. yiewmp's not -- europe's not resolved, middle east is volatile, and there's a surge of evaluations in september and october because of the euphoria with qe3, and we recommended taking some money off the table and raising some cash, and into the weakness now, we would be selectively buying. we're not bears, but prudently took profits last month, and we
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would selectively buy as they go down. liz:bearish. you sold google and apple, two relatively bright stars over the past, say, yeah and a half. would you bring those back in your portfolio again? >> well, yeah, i mean, they are great companies liz. apple sold over 700 and google over 760, and it's a situation where they go down, and, i mean, we bought google several times over the past four years so -- so, again, we would be buyers into weakness. they are great companies. we thought they got ahead of themselves. earnings, you just mentioned, 42% -- or 72% above earnings, but, really, low 40s% beat on revenues. that's where the problem is. there's not the top line growth where the evaluations were ahead of themselves. david: hank, you like stocks like j and j, but apple at under
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$600 has to look tempting, no? >> it does. we picked up apple after initiating dividends below $600, add to it again below $600. we like apple and expect dividend increases over the next several years. liz: hank, let's take it beyond march of next year. when you look at the returns of the target since, what? 1929-1930, returns have been around 9%-11%. do you believe in equities as sort of the main portion of the portfolio? the retail investors have got frightened and stayed away missing a good rally. >> absolutely, and, in fact, we think that the march 2009 lows were a generational low, and we don't think we'll have two decades of lost returns so unfortunately, terrorist going to take higher stock prices in order to bring back the typical
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individual investor, and when you hear repeatedly advertisements that buy and hold investing is through and done, you know it's exactly the time to be buying and holding, particularly good companies, that have demonstrated earnings growth and do not have a high evaluation, and there's plenty throughout all s&p sectors to choose from. >> hank smith, thank you so much, and allen, thank you as well. appreciate it, guys. liz: shares of groupon sinking today. did you see this? heading back to nicole on the floor for the new york stock exchange for that story. nicole? >> not good news for groupon. groupon, empathetic to the companies across, obviously, the eastern sea board, but what they are doing now is in the northeast here, doing opt-in for businesses for the immediate future. you know what that means? that means if you had a contrrct or deal, and you're a merchant working with groupon, that means for the time being, all of those
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obligations are suspended until groupon contacts the businesses, and businesses contact groupon saying, yes, we want to continue with you. seems like the right thing to do, right business prak, but the truth of the matter, they are not getting the daily deals out, and the analysts note exactly that. daily deals are not in the top of the minds of mother chapters, and so this -- merchants pushing the stock to record lows of $4 that we saw back in september. right now, groupon saying we'll -- they are waiting for all kinds of confirmation as they focus to come back from hurricane sandy, back to you. david: thank you very much. the president live in atlantic city, we're going live where we have remarks coming right up after a short break. liz: remember the fiscal cliff? yes, clock ticking away. the ceo with billions of assets under management tells us the
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effect it's having on investments now and whether the clock is allowed to hit zero, what happens? david: demand for rental propertyings, housing recovery sthoaing signs finally happening turning renters back into homeowners? on on that to come. ♪ expert on softball. and tea parties. i'll have more awkward conversations than i'm equipped for because i'm raising two girls on my own. i'll worry about the economy more than a few times before they're grown. but it's for them, so i've found a way. who matters most to you says the most about you. massmutual is owned by our policyholders so they matter most to us. massmutual. we'll help you get there. those little things for you, life's about her. but your erectile dysfunction - that could be a question of blood flow. cialis tadalafil for ily use helps you be ready anytime the moment's right. you can be more confident
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david: this is breaking news. you're looking at live shots of atlantic city now. in that crowd, maybe you can see him towering above the rest, president obama. he is in atlantic city with all people, governor christina arrangioty who a -- chris christie was a week ago, lambasting the president. this week they're trying to fix up the situation. they're at a marina in atlantic city. the marinas were hit hard. you've seen pictures of
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boats all over the place, the president and chris christie is being introduced to various people at the marina. as soon as the president begins to speak with chris christie we'll take that live. we are less than a week away from the election. despite the uncertainty ahead we have someone who says now is the perfect time for investors to get into the market. we have the ceo of janus capital group. he joins us in a fox business exclusive. unless people think you're picayune about your investments, you have $158 billion under management. so you're dealing with a lot of cash here. this year we had a tremendous run-up in the markets. we talked to the chief of nasdaq. they have had a 20% gain. other indexes have had great gains. very low volume the retail investor is afraid of getting into the market. talk about the fear factor, for example and how that plays into invests? >> right. that's a great point. thanks for having me.
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our investors and investors broadly speaking are afraid. they're afraid of all the geopolitical things going on in europe. they're afraid for potential of war in the middle east. they're afraid of potential hard landing in china. they're certainly made more difficulties controlling our own domestic spending and political race ongoing and uncertainty around policy that might come out. so people have stayed on the sidelines. they have missed this great rally. but the sad truth is they can't meet their retirement needs by staying on the sidelines. none of us are smart enough to market time and stay out when we're afraid and go back in when we feel better. none of us are good enough to pull that off on a regular basis. we need to tell people they need to relax their fears somewhat and proceed with qaugs right now and begin to reinvest in a long-term investment strategy. we think stocks are reasonably priced. david: the key is to protect
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your principle, is it not? right this point, before an election, right before the fiscal cliff, right before all the uncertainties get resolved we want to make sure the principle is not chewed up. >> yep, you're exactly right. that is very important. we're telling our investors to proceed but with caution. that means one eye on principle preservation. we're recommending conservative equity strategies. we're recommending bond portfolios without too much duration. we're recommending alternatives with low correlation to stocks and bonds but overall depend on your situation we're strongly recommending you proceed with one eye on capital preservation. the risks are real but at the same time you can't afford to miss the great stock market we've had this year. david: with all deference to the funds guys, why not buy spdr fund or dj spider if you think overall the markets are fairly valued if not cheap? >> sure. cap weighted indices are a
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reasonable thing to have in your portfolio but the problem they create they have a positive momentum in the sense as more people buy a stock, more people chase into these indices and buy more of the same stocks. you end up with a highly concentrated equity market where most stocks are trading in the same direction on the same day. we've seen a lot of that in this past year to 18 months. that can't sustain forever. ultimately these companies are traveling individual paths, driven by their own futures. those things will come out in the end. you're going to end up pretty misinvested if you have too much in the index weighted by cap, and not enough respect for the individual paths of the companies. why we really like high quality growth companies. we think they're poised to outperform the indices by a wide margin in the coming years. david: the one thing we're of course all hoping for that the gridlock that may lead to the fiscal cliff is ended after the november elections, no matter who wins. we're seeing example of that right now as we take a look
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at these pictures from atlantic city where two guys who i think it was fair to say would call themselves political enemies a week ago are today working together quite well to try to resolve problems, the manifold problems involved with the aftermath of hurricane sandy. governor chris christie of course republican from new jersey and president obama, as it looks like in fact they're getting to the point where they will come up and talk to the microphones. the president has been meeting with people in atlantic city marina down in new jersey. again we can see him on the left there. you see governor christie on the right. hard to miss those two figures. liz: atlantic city among the hardest hit areas. the boardwalk completely destroyed. the jersey shore underwater. hoboken, new jersey, the national guard moved in to help save residents trapped by sewage-laced water. new jersey, exactly where the eye of the storm moved over is hardest hit here.
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there is the president meeting residents, giving hugs. chris christie right there is very solid reporter of all his state. not sleeping. these gentlemen working together, politics completely aside exactly what most americans would love to see, working together to bring americans together at a time like this. david: we by the way saw two senators, democratic senators from new jersey, lautenberg and menendez with the president and the governor. we do expect them to speak any moment now. again we thought they would be coming to the microphones a little sooner than this. let's take a short break. as soon as we come back we'll bring you the president of the united states and governor chris christie from new jersey. [ male announcer ] do you have the legal protection you need?
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david: breaking news. the president and governor chris christie, once again, a contrast in political styles but they are absolutely unified in their attempts to bring us back to a state of normal or close to one. there you see senator lautenberg and senator
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menendez behind him. as soon as they begin speaking, the president and governor christie we'll bring that to you. they are live in atlantic city. liz? liz: that said we may have to interrupt the next interview but we need to get it to you. look at the images in lower manhattan, they are disturbing for just about anybody but imagine if you owned lots of property in the area. we have some who owns a lot not to mention cone any eye lan and brooklyn. joe has thousands and thousands of square footage in real estate in hardest hit areas. by the way you tried to get in on the brooklyn bridge. they tried to keep you from coming because now this is kicking in, folks. you heard this earlier. now this started mayor bloomberg says no more car with one person in them. how did you get across? >> i told them i'm coming to visit fox business. liz: the parting of the red sea happened. we're glad you made it, thank you very much. that is something for you to know brooklyn bridge is only allowing people across with
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more than a couple people in the car. coney island holdings. you have property there. the red hook pier is ikea area. you have luxury residential towers on greenwich street. what is happening? what is the status of your properties? >> all over the city there's pain but the pain is especially concentrated in two areas. one waterfront communities, for example, we've got properties along red hook, coney island and of course in lower manhattan on greenwich. 460 unit development had to be say waited. -- vacated. have to find hotel rooms for 460 families. quite challenging. still 50% of new york city off, no e-mail, no lights, no office space. it is a bit of bedlam in the lower part of manhattan? >> have you been touring your properties? >> yes, visiting every single property. what did it look like? describe it? >> the worst hit we made a development down the jersey shore, wipe out long branch. liz: long branch?
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>> long branch, new jersey. even worse than what we've seen here in new york. after that it has been the wall street area. the amount of flooding. coney island was literally under water. last but not least, wasn't mine but fellow developers, had a crane, boom on 57th street there. in fact i hung up with him two minutes ago. liz: that building is called 157. tallest residential did tower in new york. >> gary has got quite a challenge there they have to figure out how to get the boom down if they can and get one back up. or, what they might do is chop it into little piece. >> i don't know if we have picktures of the crane. but the fact is the crane is being soing in midtown manhattan. i know it is not your property but you having spoken to gary who is owner of that property, i heard they will have to build another crane 90 stories high to take down the other one? >> that's if they go, depends whether they do easier or tougher route. one of the alternatives is cutting it into pieces and
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pulling it in inside. garr happens to be one of the best developers in new york city. if anybody can handle it is gary barnett. liz: if you were building a building and you knew a huge hurricane coming would you have taken the crane down or is this not logistically possible? >> not logistically would have literally taken a month to do it. they had engineers visit the site. they did the wise thing put it in the flex position to allow the play. similar what they did at the world trade center site. even in spite of the play here the, crane literally, the metal snapped on the building. liz: you seem remarkably calm despite the fact you at least on the jersey shore have one property i understand it that is destroyed. what is going on in your mind right now? >> it is more than there. lower manhattan and coney island. liz: how does this work? >> if i panic i think that then my team will panic. corporate office on 39th street, we have no power. we're literally relocating hundreds of people throughout manhattan. and so the leaders got to
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stay calm. the biggest thing dealing with challenges. how to get generators. we'll be shipping in generators from florida. liz: hold on one second. we have the president of the united states. david: the president of united states is in an area right outside atlantic city. this is governor christie. let's listen in. >> the challenge now to get back to normalcy. the things to do is get power restored quickly as possible. make sure people have clean drinking water and wastewater treatment plants are working. hospitals are taken care of as we need to. we get kids back to school. i got all issues with the president. he sprung into action immediately to help get us those things while we were in the car riding together. so i want to thank him for that. he has worked incredibly closely with me since before the storm hit. i think this is our 6th conversation since the weekend. and, it is, it has been a great working relationship to make sure that we're doing the jobs that people elected us to do. and i can not thank the
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president enough for his personal concern and compassion for our state and for people of our state. i heard it on the phone conversations with him. i was able to witness it today personally. and so, we're going to continue would,. state government is here. we're doing what we need to do. we're coordinating with fema. i want to thank administrator fugate for being here and helping our operation even better and we'll move on from here. what i said yesterday i really mean. there has got to be sorrow. and you see that in, president has seen that today in the eyes and faces of a lot of folks he met. and that sorrow is appropriate. we suffered some loss. luckily we haven't suffered that much loss of life and we thank god for that. we have suffered losses. this is the worst time i've seen in my lifetime in this state but we can not permit that sorrow to reprays the -- replace resilience i know all new jerseyians have. we'll get up and get this
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thing built and get it back together because that is what this state is about and always been about. for all who are here, i met a bunch of you here at brigantine who disregarded my admonition to get the hell out of here. you are forgiven this time but not for much longer. when all of you look around and see all this destruction that's fine. you know what? all that stuff can be replaced. look to your right and to your left, your husband, your wife, your son and daughter those are things that can't be replaced. i'm glad we don't have that kind of loss of life to deal with. i want to thank him for being here today, and bring his personal attention and my honor to introduce the president of the united states. [applause] >> thank you over. make sure i acknowledge everybody here they played a key role. congressional delegation,
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senator bob men men des, senator frank lautenberg, atlantic county executive dennis levinson and brigantine mayor phillip gunther. obviously this is a federal state, and local effort and the first thing i want to do is just to thank everybody who has been involved in the entire rescue and recovery process. at the top of my list i have to say that governor christie throughout this process has been responsive. he's been aggressive in making sure that the state got out in front of this incredible storm. and i think the people of new jersey recognize that he has put his heart and soul making sure that the people of new jersey bounce back even stronger than before. so i just want to thank him for his extraordinary leadership and partnership. i want to thank the congressional delegation because part of the reason we're going to be able to
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respond quickly to all this is because they helped to make sure that fema financing was in place. and we're very appreciative of those efforts. and. i want to thank craig fugate. sometimes people just think fema and they don't think of the people behind them but craig lives and breathes this stuff, making sure that we're providing the help people so desperately need in these situations. i want to thank the first-responders who have been involved in this process. lines men, the firefighters, the folks who are in here shuttling out people who were supposed to get the hell out and didn't. you know, you've helped to save a lot of lives and a lot of property and you know, one of the things that you learn in these tragedies is the first-responders, keep in mind, their homes are usually you know water too or, their families have been affected in some, some way and yet they make those
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personal sacrifices to help other people. so we really appreciate them. i'm just going to make a couple of comments. number one, and, most importantly, our hearts go out to the families who have lost loved ones. it is true because of some good preparation the loss of life was kept lower than it might have been but for those individual families obviously, you know, their world has been torn apart and we need to make sure that everybody who has lost a loved one knows they're in our thoughts and prayers. i speak for the whole country there. for those like, the people i just had to chance to meet on this block and throughout new jersey, throughout the region, whose lives have been upended my second message is, we are here for you. and we will not forget, we will follow up to make sure that you get all of the help that you need until you have rebuilt.
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at this point, our main focus is on the states of new jersey which got hit harder than anybody. the state of new york, particularly, lower manhattan and long island we are very concerned about some, situations in connecticut as well. and we're still monitoring west virgina where there are heevy snows in some inaccessible areas. but, you know for the most part those four states are really bearing the brunt of this incredible storm. what we've been able to do is preposition and stage commodities, water, power generators, ambulances in some cases, food, medical supplies, emergency supplies and we have over 2,000 fema personnel on the ground right now. their job now that we're moving out of the search-and-rescue phase is
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to make sure that they are going out and talking to individual communities so people exactly know how they can get the help they need. we expedited our emergency declarations for the state of new jersey and local counties that have been affected. what that means is, that people can immediately start registering for emergency assistance. one of the things i want to emphasize to people in new jersey and throughout the region, now that, you know, you're safe, your family is safe, but you're trying to figure out where you're going to stay for the next couple days, et cetera, it's very important that you know that there is help available to you right now. for example, to find rental housing or to be able to pay for some groceris. over at the community center we saw a young woman who had a newborn or i guess probably an eight-month-old and still needs diapers and
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formula and has run out. those are basic supplies and help we can provide. if you call 800-621-fema, 800-621 fema, or disaster assistance.gov, if you have got access to the internet, you go to disaster assistance.gov, what that allows you to do is register right now so you can immediately receive help. we want to make sure you get everything you need. a couple of final points. obviously our biggest priority right now is getting power turned back on. we were very pleased that newark got power yesterday. jersey city is getting power. we believe today. but there are still big chunks of the community, including this community right here, that don't have power and so, it is hard enough cleaning up debris and dealing with boats that have been upended and, you know, roads that are blocked when people don't have power,
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obviously they're disabled in all sorts of ways. it is hard to get back to normal. so, yesterday i had a chance to speak to the ceo's of, the utilities from all across the country, and a lot of the states that were spared, that were not hard-hit or some states as far away as california, they have pledged to start getting equipment, crews, et cetera, here into new jersey and new york and connecticut as quickly as possible. and one of the things we've been able to do, just to give you a sense of how this is a all hands deck approach, we're able to get c-17s, and c-130s, military transport planes potentially to move assets, personnel, to speed up the process of getting power up and running as soon as possible. our first priority is water filtration plants and some
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other critical infrastructure in the state. for that we've got emergency generators. we've got a navy ship that has some helicopters that can help to move assets around the state as well. and so we're going to be working with governor christie's office and local officials to identified what are those critical infrastructure, how can we get what's needed as quickly as possible. just a couple other things that we're concerned about. one is, as power starts coming back on, we want to make sure that people can also get to work. obviously a lot of folks in jersey who work in new york, in the city, and in other places where transportation may be horribled. one of the things i mentioned to the governor is, the possibility of us using federal assets, military assets as well as taking inventory of assets from around the country that can be brought in so that we can help people get to their work. and, governor christie also
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mentioned the importance of schools. the sooner we can get our kids back into school, the sooner they're back into a routine, that obviously helps the families and helps the kids as well. so we're going to have a lot of work to do. i don't want anybody to feel that somehow this is all going to get cleaned up overnight. we want to make sure that people have realistic expectations, but what you can promise you is that the federal government will be working as closely as possible with the state and local officials, and we will not quit until this is done. and the directive that i have give, i said this yesterday, but i will repeat and i think craig and others who are working with me right now know i mean it, we're not going to tolerate red tape, we're not going to tolerate bureaucracy, and, you know, i instituted a 15-minute rule essentially on my team. you return everybody's phone calls in 15 minutes, whether it is the mayors, governors, county officials. if they need something, we figure out a way to say yes.
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you know as i was just gathering around i had a chance to talk to some of the young people here who have been volunteering, going up and down the block, cleaning up debris, and, when we were over at the community center, there was a restaurant owner who, for the last 18 hours had been cooking meals, you know, just, as his contribution to the recovery process. and you know, some of the folks were saying the food was better than they got at home. you know, you had a 15-year-old young man whose mother was disabled and he was making sure that she was okay and taking on extraordinary responsibilities for himself and, but also for his mom and, you know, when you see folks like that respond with strength and resilience, when you see neighbors helping neighbors, then you're remoipded about what
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america's all about. we go through tough times but we bounce back. the reason we bounce back is because we look out for one another. and, we don't leave anybody behind. and so my commitment to the people on this block, the people in this community, and the people of this state is, that that same spirit will carry over all the way through until our work is done. all right? thank you very much, everybody. [applause] liz: president obama saying the government is here. we are here to help you. we will return calls. we will be there for all of the local leaders, tipping his hat to governor chris christie of new jersey saying he aggressively got out ahead of the storm trying to warn people. since then has put his heart and soul into the recovery. the president also taking extensive time to thank the first-responders, pointing out very, very truly, that they too have ruined homes, david. they too have families they couldn't be with, simply out there trying to help
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everybody. >> by the way this is a marina, what you're looking at a marina near atlantic city. it is called brigantine, new jersey. the president is there. the marina saw many boats as happens so often you a long the northeast coast move on to land. some of the boats you see there were moved onto a golf course, were forced by the tide rise, and then came back into the marina. so they had a round-trip. the president by the way will not come to new york city at the request of mayor bloomberg. mayor bloomberg figured we have enough trouble, another gridlock because of the presidential visit is not what is necessary. the president understood completely. he is going back to d.c. liz: part of the gridlock is actually right out our window. we've been watching sixth avenue. from sixth avenue to about 45th street, slammed traffic. david: look at that. liz: now why? because at the very top where the park begins if you make a left, that is 57th street. that is where the crane is. they have shut down the street on 57th.
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so all the arterry, talking, 48th, 49th, all the way to 57th you can barely make a right or left. if your car dumps out to any streets and 6th avenue in particular it is not moving. david: this is the first time i remember in my 30 years being in manhattan not being one subway line open. think of a city that depends, half of the people in new york city depend on the subways to get to and fro. there are no subways. today by the way all buses are free. people who wouldn't other wise are using buses are using them. in addition to buses, taxis and liver i ares. you have a lot of people driving in. that's why mayor bloomberg issued a warning unless it is emergency speaking on fox business which one of our guests had to encounter, you're not allowed to come in if you're alone in a car. like the hov leans. liz: see to the right, that sign? that says news corporation. that is our building. you can see on the street
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level where the planters are, fox business. our studios are above that, those windows there. that is 6th avenue going northbound as you sees trucks and cars moving. that is a huge problem. joe sitt of thor equities told us he knows the owner of the building with the broken crane. he said they will have to take it apart piece by piece. david: once again the traffic jam in new york, this is the first day when people are back at work. this is the first day the buses are up and running. this is the first day commuters have been able to get in and out. remember, not only the tunnels, only one which was open, that would be the lincoln tunnel, many were completely filled. the holland tunnel is in terrible shape. we still don't know how long it will take to pump out the water from that. remember, it is corrosive saltwater doing a lot of damage that may meaning they will have to replace some of the key components of those tunnels. of course the bridges were closed down as well,
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although those are open leading to some traffic coming in from manhattan. liz: from ground to air, laguardia airport is effectively shut down. some flights are going out of jfk and newark liberty but not laguardia. if you've seen some of the video, in essence the tarmacs are flooded, they just are. they moved all the planes away. it will take a long time for la guard yaw to be -- laguardia to be dried out. of course that is a huge issue. now they are shutting down bridge to motorists with one driver or passenger. stay away from the area. david: let's not bury the lead. today the markets opened. new york city is open for business. we worked out very well. the markets didn't panic. everything is happening. yes, there's gridlock but we're used to that here in new york. we're back to normal i love you, james. don't you love me? i'm a robot. i know. i know you're a robot! but there's more in you than just circuits and wires!
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